PHH Corporation Announces $155 Million Servicing Advance Receivables Securitization

Mount Laurel, NJ - June 15, 2015 - PHH Corporation PHH ("PHH" or the "Company") announced today that on June 11, 2015, PHH Servicer Advance Receivables Trust 2013-1 ("PSART"), an indirect, wholly owned subsidiary of the Company, issued variable funding notes (the "Servicing Advance Notes") in an aggregate maximum principal amount of $155 million in a transaction with Wells Fargo Bank, N.A., as note purchaser and Wells Fargo Securities, LLC, as agent.

On the closing date, the outstanding principal balance of the Servicing Advance Notes was $87.2 million, and $83.9 million of proceeds from the initial issuance of Servicing Advance Notes was used to repay in full all amounts owing under variable funding notes previously issued by PSART to The Royal Bank of Scotland plc in March 2014.

At any time on or before June 15, 2016, upon the request of PSART, the note purchaser will advance additional funds by purchasing additional Servicing Advance Note balances not to exceed $155 million, subject to conditions precedent and borrowing base availability determined based upon advance rates relating to the unpaid balance of eligible servicing advance receivables held by PSART at the time.

The final maturity of the Servicing Advance Notes is June 15, 2017. The Servicing Advance Notes bear interest, payable monthly, based on the London Interbank Offered Rate plus an agreed-upon margin.

"We are pleased to close this transaction and believe the terms reflect ongoing lender support for PHH," said Robert Crowl, Chief Financial Officer of PHH Corporation.

About PHH Corporation
Headquartered in Mount Laurel, New Jersey, PHH Corporation is a leading provider of end-to-end mortgage solutions through its subsidiary, PHH Mortgage. Its outsourcing model and proven expertise, combined with a strong commitment to operational excellence and customer service, has enabled PHH Mortgage to become one of the largest non-bank originators and servicers of residential mortgages in the United States. PHH Mortgage provides mortgage solutions for the real estate market and financial institutions, and offers home financing directly to consumers. For additional information, please visit www.phh.com.

Forward-Looking Statements
Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Generally, forward looking-statements are not based on historical facts but instead represent only our current beliefs regarding future events.  All forward-looking statements are, by their nature, subject to risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied in such forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements.  Such statements may be identified by words such as "expects," "anticipates," "intends," "projects," "estimates," "plans," "may increase," "may fluctuate" and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could."  For example, the statement in this press release that we believe the terms reflect ongoing lender support for PHH is a forward-looking statement.

You should understand that forward-looking statements are not guarantees of performance or results and are preliminary in nature. You should consider the areas of risk described under the heading "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" in our periodic reports filed with the U.S. Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, in connection with any forward-looking statements that may be made by us or our businesses generally. Such periodic reports are available in the "Investors" section of our website at http://www.phh.com and are also available at http://www.sec.gov.  Except for our ongoing obligations to disclose material information under the federal securities laws, applicable stock exchange listing standards and unless otherwise required by law, we undertake no obligation to release publicly any updates or revisions to any forward-looking statements or to report the occurrence or non-occurrence of anticipated or unanticipated events.

Contact Information:

Investors
Rob Crowl
robert.crowl@phh.com
(856) 917-7118

Media
Dico Akseraylian
dico.akseraylian@phh.com
(856) 917-0066